Andy’s Technical Commentary__________________________________________________________________________________________________
S&P 500 ~ 240 Min. with Weekly Support/Resistance
Our last message (7/1/2012) on the S&P500 suggested more choppy action higher and that it was a market that traders should just stayaway from for a few weeks. It appears that a corrective move higher has completed. It looks like a seven-
legged “diametric” ha
sfinished. If this is correct, then the S&P 500 should start collapsing. 1373 is the small 61.8% retrace of the most recent move down.
Traders should consider using that as first level “stop loss” on shorts. Second level resistance should lie at 1,389 (78.62%
).1345/1325 look like 1
supports for anyone who “really wants” to be long this market….trading below those
levels would represent a full breakdown in the market.
REPRINTED from 7/22/2012